Super Group, the parent company of Betway and Spin, has recently disclosed its unaudited consolidated financial results for the fourth quarter of 2023 along with the full-year report.
Record-Breaking Revenue
In 2023, Super Group witnessed unprecedented growth, achieving an all-time revenue record of €1.4 billion, surpassing initial guidance and reflecting a remarkable year-on-year increase of 11%. This substantial growth underscores the company’s robust position in the online sports betting and iGaming industry.
Fourth Quarter Milestones
The fourth quarter of 2023 proved to be particularly significant for Super Group, with the company reaching a revenue milestone of €359.9 million. This marked the highest-ever total revenue for a fourth quarter, highlighting the momentum and strength of Super Group’s operations.
Operational Performance
While the fourth quarter saw a loss before tax of €44.9 million, influenced by non-cash charges related to changes in the fair value of option liability and an impairment of goodwill, Super Group demonstrated impressive operational performance. The company achieved an operational EBITDA ex-US of €254.7 million for the year and €54 million for Q4, showcasing its resilience and ability to generate cash despite challenges.
CEO Perspective
Neal Menashe, CEO of Super Group, expressed satisfaction with the company’s performance in 2023, emphasizing the achievement of record-breaking revenue and surpassing guidance. He highlighted the strength of Q4 2023, attributing it to record-breaking revenue, customer numbers, and deposits. Menashe also underscored the significance of iGaming as the largest part of the business, enabling Super Group to manage volatility in the sportsbook effectively.
CFO Insights
Alinda van Wyk, CFO of Super Group, provided insights into the financial performance, emphasizing the company’s focus on cost efficiencies and strategic investments. Despite facing headwinds, Super Group surpassed guidance, reflecting its commitment to realizing growth opportunities with clear returns. Wyk highlighted the achievement of a December margin hitting 24%, the strongest ever, indicating the company’s operational strength and financial discipline.
Outlook for 2024
Looking ahead, Super Group is optimistic about its prospects for 2024. The company projects double-digit top-line growth, building on the momentum and successes of the previous year. With a focus on innovation, cost management, and strategic investments, Super Group aims to further solidify its position as a leading player in the online sports betting and iGaming industry.
Super Group’s financial performance in 2023 demonstrates its resilience, agility, and strategic focus. Despite challenges, the company achieved record-breaking revenue, reflecting its ability to capitalize on opportunities and navigate market dynamics effectively. With a strong leadership team and a clear vision for growth, Super Group is well-positioned to sustain its momentum and drive value for shareholders in the coming years.